11359 5th St NE · Hanover, MN 55341

$449,900

5 bd · 3.0 ba · 2,251 sqft · Other · 21 Days on market

Built 2026 0.28 ac lot ↓ 3% since listing

---

Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +12.0/30.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +3.6/5.0
• DSCR +3.5/10.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

FINAL OPPORTUNITIES! Ready for a February move in! Come experience the small-town charm of Hanover, MN in this fabulous three level Weston home in the in-demand community of River's Edge! The highlight of the home is the incredible private third-level Owner's Suite, featuring an oversized vaulted ceiling 19-foot bedroom, a luxurious private bathroom with a freestanding soaking tub and separate shower, and a walk-in closet with its own private entry. It’s your own personal sanctuary! The main living level impresses with soaring vaulted ceilings and an open-concept design that seamlessly connects the kitchen, dining, and living spaces—perfect for hosting gatherings or enjoying coz

Key facts

• Three-car garage
• Walk-in closet
• Large backyard

Tags

• FREESTANDING SOAKING TUB
• WALK-IN CLOSET
• FINISHED WALKOUT BASEMENT
• LARGE RECREATION ROOM
• LARGE BACKYARD
• THREE-CAR GARAGE

Property features AI

Finance

• Other: Lot dimensions approximately 82 x 131 x 107 x 131; Lot size about 0.28 acres; Above-grade finished area listed (information provided); Below-grade finished area listed (information provided)
• Financial info: Not specified
• HOA & community: Associated with Builders Association of the Twin Cities

Exterior

• Parking: Attached garage with garage door opener; 3-car garage
• Security: Not specified
• Utilities: City water; City sewer; Natural gas; 200+ amp electric service
• Home design: Residential property; Three-level split home; New construction (recent); Shingle/asphalt roof (≤ 8 years)
• Construction: Concrete perimeter foundation; Foundation area approximately 1,019; Built by JP Brooks Inc.
• Exterior features: Stone and vinyl exterior; In-ground sprinkler system; Sod included with price; Paved street frontage

Interior

• Kitchen: Kitchen with center island and window; Eat-in kitchen / informal dining area; Range; Microwave; Dishwasher; Refrigerator; Stainless steel appliances
• Bedrooms: 5 bedrooms total; Primary suite on upper level; Multiple bedrooms on main and lower levels
• Flooring: Not specified
• Bathrooms: Two full bathrooms; One three-quarter bathroom; Main floor full bath; Upper level full bath; Basement 3/4 bath
• Heating & cooling: Forced air heating; Central air conditioning; Gas water heater
• Interior features: Ceiling fans; Vaulted ceilings; Air-to-air exchanger; Finished basement with storage; Drain tile, sump pump, and walkout in basement; Primary bedroom with ensuite and private bath; Separate tub and shower
• Laundry & utility: Main level laundry room with washer and dryer hookups and utility sink; Washer and dryer hookups available

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath other listed at $450k.

Deal economics

• At list price, monthly cash flow is $-108 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $434k (3.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $380k (15.6% below list).
• Recommended offer: $380k (15.6% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 4.0% in Hanover — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#293 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Buffalo-Hanover-Montrose Public Schools (town): math 52% / reading 56% proficiency, ranked #63 of 301 in MN (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Hanover Elementary (math 72% / reading 67%, grade A-, #74 of 857 statewide, top 10%, 369 students, 18% FRL); Buffalo Community Middle (math 48% / reading 53%, grade C, #72 of 258 statewide, top 29%, 1,142 students, 30% FRL); Buffalo Senior High (math 42% / reading 61%, grade D+, #124 of 471 statewide, top 27%, 1,818 students, 24% FRL).
• Market conditions: 102 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,260 units permitted in Wright County in 2024 (180 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Wright County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $379,900 (15.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 6.01%
• Cash-on-cash: -1.03%
• DSCR: 0.95
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -18.0%
• Equity multiple: 0.37×
• Total profit: $-79,721
• Equity at exit: $67,082

10-year hold

• IRR: -10.2%
• Equity multiple: 0.38×
• Total profit: $-78,040
• Equity at exit: $38,899

Cash invested: $125,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 55341

• Home prices YoY: -16.0%
• Active inventory: 102
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $3,799 medium
• Mortgage (P&I): −$2,359
• Tax est. 1.5%: −$562 /mo · $6,748/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$798
• Net cashflow: $-108

Break-even live

Break-even rent $3,936

Max offer price $434,280

Occupancy floor 98%

Sensitivity live

Price	-10% $203	-5% $48	+0% $-108	+5% $-263	+10% $-419
Rent	-10% $-408	-5% $-258	+0% $-108	+5% $42	+10% $192
Rate	-1.0pp $119	-0.5pp $6	base $-108	+0.5pp $-225	+1.0pp $-343

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $112,475
• Closing costs: $13,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30110 107th Ave N Hanover, MN	5.0	3.0	3000	$3,799	$1.27	18d	1	0.71mi

Listing history 9 events

1. 2026-05-22
   status Pending
2. 2026-05-15
   price $449,900
3. 2026-05-08
   price $452,900
4. 2026-05-01
   listed $454,900 Active
5. 2026-05-01
   historical
6. 2026-04-16
   price $454,900
7. 2026-03-19
   price $457,900
8. 2026-01-22
   price $459,900
9. 2025-12-11
   listed $464,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,588
• − Mortgage interest: −$25,201
• − Property taxes: −$6,748
• − Insurance: −$2,250
• − Repairs & maintenance: −$3,647
• − Management: −$3,647
• − Depreciation: −$13,088
• Taxable loss: −$8,993
• Est. tax savings @ 24.0%: +$2,158
• After-tax cash flow: $863/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Buffalo-Hanover-Montrose Public Schools
• NCES district ID: 2707200
• Math proficiency: 52% ▼ -13.00%
• Reading proficiency: 56% ▼ -9.00%
• Median HH income: $72,549
• Composite: 48.25/100
• National rank: #2159
• State rank: #63 of 301 in MN

Livability — Hanover

• Score: 72/100
• State rank: #293
• US rank: #6387

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hanover, MN
• City population: 3,454
• Population (ZIP): 3,454

Population outlook (Wright County) Hauer SSP2

• Today (2025): 142,526 people
• By 2030: 146,915 · +3.1%
• By 2040: 153,625 · +7.8%
• By 2050: 155,416 · +9.0%
• By 2075: 150,352 · +5.5%
• By 2100: 130,631 · -8.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Asian 3% Native American 1%
• Common ancestry: Portuguese 12% Romanian 5% Iranian 3%
• Foreign-born: 2% · South Korea, Canada
• Languages at home: 98% English-only · Other Asian/Pacific 2% German/W. Germanic 1%

Political lean MEDSL · Wright

• 2024 margin: Strong R (+29.4) · D 34.4% · R 63.8% · Other 1.8%
• 2008→2024 swing: -11.9pp toward R · 2008: -17.4pp · 2024: -29.4pp
• All cycles: 2024: R+29.4 2020: R+28.6 2016: R+33.2 2012: R+21.4 2008: R+17.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -44.77%
• Current HPI: 234.7046
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

-3.2% since first listed

9 events — show timeline

• 2026-05-22 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-15 Price Changed $449,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-08 Price Changed $452,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listed $454,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-16 Price Changed $454,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-19 Price Changed $457,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-22 Price Changed $459,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-11 Listed $464,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+177.9%/yr

Latest (2025): $448 · +64.7% YoY. Source: county tax records.